Question: Cedar Corporation has an S corporation election in effect. During the 2012 calendar tax year, the corporation had ordinary taxable income of $200,000, and on

Cedar has an S election in effect. During the 2012 calendar tax year, the had ordinary taxable income of $200,000, and on January 15, 2012, the paid dividends to shareholders in the amount of $120,000. How much taxable income, in total, must the shareholders of the report on their 2012 tax returns? $___________
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